Alberta Oilsands Inc. Announces Operations Update



    /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN
    THE U.S./

    Oil Sands Exploration Approval for its Fort McMurray - Clearwater Project

    CALGARY, Jan. 30 /CNW/ - Alberta Oilsands Inc. (the "Company" or "AOS")
(TSXV: AOS) is pleased to announce that the Alberta Sustainable Resources
Development (ASRD) has approved its Fort McMurray Clearwater Oil Sand
Exploration Program application (OSE).
    The OSE approval for the Clearwater Project allows AOS to drill up to
26 core holes in eight sections in Township 88 Range 07 West of the 4th
Meridian (Twp 088 R07W4M) and confirms accessibility.
    The approval of the OSE is the culmination of an extensive consultation
process with all stakeholders in the area.
    Coring operations are expected to commence within the next few days on
this project and it is anticipated that the entire winter coring program will
be completed around mid-March 2008.
    AOS expects to release a comprehensive report on the results from its
winter drilling program pursuant to the completion of the program and the
analysis of cores in Q2 - 2008.

    Alberta Oilsands Inc. is a technically driven; high growth oriented
junior oil sands company focused on creating long term sustainable value
through the rapid delineation of the oil sands resources located on the
Company's 100% working interest lands.

    Forward-Looking Statements: This press release contains certain
"forward-looking statements" within the meaning of such statements under
applicable securities law including management's assessment of the Company's
properties, production and prospects. Forward-looking statements are
frequently characterized by words such as "plan", "continue", "expect",
"project", "intend", "believe", "anticipate", "estimate", "may", "will",
"potential", "proposed" and other similar words, or statements that certain
events or conditions "may" or "will" occur. These statements are only
predictions. Forward-looking statements are based on the opinions and
estimates of management at the date the statements are made, and are subject
to a variety of risks and uncertainties and other factors that could cause
actual events or results to differ materially from those projected in the
forward-looking statements. These factors include the inherent risks involved
in the exploration and development of oil sands properties, the uncertainties
involved in interpreting drilling results and other geological data,
fluctuating oil prices, the possibility of project cost overruns or
unanticipated costs and expenses, uncertainties relating to the availability
and costs of financing needed in the future and other factors including
unforeseen delays. As an oil sands focused enterprise, the Company faces
risks, including those associated with exploration, development, approvals and
the ability to access sufficient capital from external sources. Anticipated
exploration and development plans relating to the Company's properties are
subject to change. For a detailed description of the risks and uncertainties
facing the Company and its business and affairs, readers should refer to the
Company's annual financial statements and management discussion and analysis
for the year ended December 31, 2006, both of which are available at
www.sedar.com. The Company undertakes no obligation to update forward-looking
statements if circumstances or management's estimates or opinions should
change, unless required by law. The reader is cautioned not to place undue
reliance on forward-looking statements.

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy and accuracy of this release.

    Not for dissemination in the United States of America. This news release
shall not constitute an offer to sell or the solicitation of any offer to buy
securities of the Company in any jurisdiction, including the United States.
The common shares of the Company have not been and will not be registered
under the United States Securities Act of 1933, as amended (the "U.S.
Securities Act") or any state securities laws and have not been and will not
be offered or sold in the United States or to any U.S. person except in
certain transactions exempt from the registration requirements of the U.S.
Securities Act and applicable state securities laws.

    Company website: www.aboilsands.ca.

    %SEDAR: 00020297E




For further information:

For further information: Alberta Oilsands Inc., Suite 2800, 350 - 7th
Avenue S.W., Calgary, Alberta, T2P 3N9, Shabir Premji, Executive Chairman, T:
(403) 232-3341, F: (403) 263-6702, spremji@aboilsands.ca; or Chad Dust,
Executive Vice-President, T: (403) 538-3191, cdust@aboilsands.ca

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ALBERTA OILSANDS INC.

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